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EUR/JPY perceived a strong support near 143.00 following a shy decline during the early Tokyo trading period. Recently, the pair experienced a sharp decline after it was unable to recover a key resistance of 144.47. It was anticipated that the pair will attract a lot of selling, following its fall below the past week’s depth of 142.30. However, the selling fosse may be building up as investors anticipate a change in BOJ’s monetary policy approach.
Furthermore, it is undeniable that Japan’s Economy is experiencing great pain as the yen loses value. The effect of this value loss is already taking its toll on companies that depend on imported inputs. Bigger currency risk is causing an increase in the prices of inputs and the inability to exert the pact on end users is bringing about Production stoppages. The summed-up effect of this will start taking its toll when the third quarter result season will take off. Consequently, this will further influence the EUR/JPY price.
Additional Factors Influencing the EUR/JPY Price
Japan’s officials are preparing to step into the Forex move to rescue the plunging yen, an unbiased approach by the Bank of Japan on the monetary rules appears profitable. Also, price forces are displaying some strength. This makes restrictions on declaring additional stimulus packages that will support the JPY.
On the part of Europe, ECB President (Christine Lagarde) statement displaced the notion that the ECB is planning to upbeat its interest rate. This is aimed at not allowing the inflation disorder to set into the economic behaviour of trading Europeans. Moving on, the consumer confidence fact will as well influence the EUR upward forces. This economic fact is predicted to arrive below -25.8 as against the previous -24.9.
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